SMRJ, Daiichi Sankyo, Mitsubishi UFJ launch $10m pharma fund
The Organization for Small & Medium Enterprises and Regional Innovation Japan (SMRJ), pharmaceutical firm Daiichi Sankyo and Mitsubishi UFJ Capital are together launching a new JPY1 billion ($10 million) fund to invest in pharmaceutical start-ups working on breakthrough drug discoveries.
SMRJ, a part of Japan's Ministry of Economy, Trade and Industry, has pledged JPY450 million to the fund with Mitsubishi UFJ Capital investing as much as JPY200 million. Daiichi Sankyo will commit JPY100 million with the balance coming from a number of other smaller investors.
The so-called Open innovation for the Development of Emerging technologies fund (OiDE fund) is looking to partner with Japanese universities with a view to backing promising medical research.
The fund will provide support by establishing venture companies which will then receive seed financing needed to further drug development. Where a venture is successful, Daiichi Sankyo will have the rights acquire equity or intellectual property at a price set in advance.
Target areas include disease treatment mechanisms, vaccines, next generation antibodies, peptides, drug delivery systems and regenerative medicine.
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